Loud Haours Restaurant & GrillAccounting Assignment #1Prepared by: David ClearyPrepared for: George...

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Loud Haours Restaurant & GrillAccounting Assignment #1Prepared by: David ClearyPrepared for: George Brown CollegeCourse: HOSF*1277Loud Haours Restaurant and GrillIntroduction    You are the Owner and General Manager of one of Toronto’s most reputed restaurants, Loud Haours Restaurant & Grill (LH).  The date is January 7th, 2018 and you have just returned from a 10 day long vacation in the Cariean. While you were away you left the daily operations and accounting of the restaurant in the hands of your Assistant General Manager and Chef. When you first aived back at the restaurant January 8th, you realise that none of the accounting duties have been completed for the previous week, which makes you feel frustrated. After you run your service you begin to collect receipts and invoices so that you can begin this years accounting cycle. In the office you find:1. The share agreement with your friend whom purchased $100,000.00 worth of shares on January 1st.2. Invoices showing the purchases of $26,650.98 worth of food inventory and $14,400.98 worth of bar inventory, both of which have been paid on January 2nd and 6th respectively.3. An bill for new light fixtures for your dining room totalling $8,426.00 which has been paid in cash on January 6th.4. A receipt from the landlord showing that you have paid $15,500.89 in rent for January on January 1st.5. A notice from Ceridian (your payroll company) stating you incued: $12,000.45 in salaries and $10,525.8 in wages on January 3rd.6. Sales slips showing food sales in cash of: $15,509.23, $17,356.45, $18,746.48, $19,896.15, $22,561.87, $25,559.12, $15,689.48 on January 1st through 7th respectively.7. Sales slips showing beverage sales in cash of: $4,560.55, $5,129.87, $5,532.98, $6,231.48, $7,500.49, $8,225.48, $4,562.48 on January 1st through 7th respectively.8. Cost of goods sold is showing $15,560.79 in cost of food sold for the week.9. You paid a utility bill of XXXXXXXXXXon January 5th.10. You receive an invoice for linen services for $52.21 on January 4th. 11. You receive a cash payment for a $1500 catering event to be held in the future.12. You completed a catering event contracted at $12,832 and have not received payment from the customer. Instructions1. Use the above transactional information and the double entry accounting method to fill in the general journal and ledger for the week in accordance with GAAPs. With reference numbers, dates and descriptions.2. Use the general ledger and accounts to create a trial balance for the previous week in accordance with GAAPs.

Khushboo · Accepted Answer

Grade Evaluation
		General Journal:
		An entry is required for each cash transaction. 
		The entries should be numbered
		Explanations should be provided for each entry
		Comments about General Journal:
		General Ledger:
		All journal entries must be posted appropriately
		Beginning balances must be correct
		Comments about General Ledger:
		Worksheet:
		All balances must be correct and in accordance with the general ledger
		Comments about Worksheet:
		Overall Assessment:
		Mark out of 8
		     Perfect - 8; Pretty close - 6;Good effort - 4
		     Poor effort - 1 or 2; Late or not submitted - 0
		Corrections, if needed, must be made before proceeding to Part II.
		Overall Comments:
List of Accounts
	Chart of Accounts
	Cash
	Food Inventory
	Beverage Inventory
	Fixtures
	Accumulated depreciation, Fixtures
	Glassware
	Accumulated depreciation, Glassware
	Accounts Receivable
	 Rent Expense
	Accounts payable
	Unearned Revenue
	Income Tax Payable
	Common Stock
	Retained Earnings
	Rent Expense
	Wage Expense
	Salary Expense
	Depreciation expense
	Income Tax Expense
	Cost of Food Sold
	Cost of Liqour Sold
	Food Sales
	Liquor Sales
	Utilities Expense
	Utilities Payable
	Catering Revenue
	Advertising Expense
	Linen Expense
	Linen Payable
	Wages Payable
	Salaries Payable
	Income Summary
General Journal
	Lour Harbors Restaurants
	General Journal
	Page 1			Journal #
	Date	Description		Reference	Debit	Credit
	1-Jan-2019		Cash	2	100,000
			 Common stock	14		100,000
			(To record purchase of shares)
	2-Jan-2019	Food inventot	Food Inventory	3	26,650.98
			 Cash	2		26,650.98
			(To record payment made of invoices)
	6-Jan-2019		Beverage Inventory	4	14,400.98
			 Cash	2		14,400.98
			(To record payment made regarding invoice)
	6-Jan-2019		Fixtures	5	8,426
			 Cash	2		8,426
			(To record purchase of fixtures)
	1-Jan-2019		Rent expense	16	15,500.89
			 Cash	2		15,500.89
			(Torecord payment of rent expense)
	3-Jan-2019	Salaryexpense		18	12,000.45
		Wages expense		17	10,525.80
		  Cash 		2		22,526.25
			( To record payment made)
			Cash	2	135,408.78
			Food sales	23		135,408.78
			( To record sales fpr a week)
			Cash	2	41,743.33
			 Liqour sales	24		41,743.33
			(To record sales for a week)
			 
			Cost of food sold	21	15,560.79
			Foods inventory	3		15,560.79
			(To record cost of goods sold)
			 
			Cost of liquor sold*	22	14,400.98
			 Beverage inventory	4		14,400.98
			(To record cost of goods sold)
	5-Jan		Utilities expense	25	122.66
			Cash 	2		122.66
			(To record payment of utility expense)
	4-Jan		Linen expenses	29	52.21
			 Linen Payable	30		52.21
			(To record linen expense
			Cash 	2	1500
			Unearned revenue	12		1500
			(To recordcash received)
			Accounts receivable	9	12832
			Catering revenue	27		12832
			(To record revenue)
	*Assumption: In the absence of information, we have assumed that all liquor has been sold and COGS has been recorded for liquor sales.
General Ledger
	Account Name:

Loud Harbours Restaurant & Grill Accounting Assignment #1 Prepared by: David Cleary Prepared for: George Brown College Course: HOSF*1277 Loud Harbours Restaurant and Grill Introduction You are the...

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